3/23/2015 FEMA NFIP. Session Overview

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1 FEMA NFIP A g e n t Tr a i n i n g P r o g r a m 1 Session Overview 2 1

2 Introduction to the Session Session 2 Module 5: Loss Settlement Module 6: Building an NFIP Policy Module 7: Base Flood Elevation and Elevation Certificates Module 8: Resources and Summary The duration of this session is 2 hrs. Module 5 Loss Settlement 5 2

3 Module Objectives After completing this module, participants will be able to describe standard policy sections that deal with loss settlement in the NFIP s three different coverage forms. 6 Topic 1: NFIP Loss Settlement Options How NFIP Covers Loss Some considerations for NFIP loss settlements are: Replacement Cost Value (RCV): Single-family dwelling (building only); conditional Property owned by condominium association (RCBAP) Actual Cash Value (ACV): Single family dwelling that s ineligible for RCV Other dwellings Non-residential buildings Contents of a building are always insured on actual cash value Special loss settlement for manufactured home or travel trailer 7 3

4 Topic 1: NFIP Loss Settlement Options Replacement Cost Some important features of replacement cost: Applies to building only (not contents) Single-family dwelling only Insured dwelling must be principal residence Building is at least: 80% of replacement cost at time of loss, or Maximum under NFIP 8 Topic 1: NFIP Loss Settlement Options Replacement Cost under RCBAP Some important features of replacement cost under Residential Condominium Building Association Policy (RCBAP) are: Applies to condo association property Applies to the units in the building, and the improvements in the units Must be insured to at least 80% of replacement cost Coinsurance penalty applies, unlike the Dwelling or General Property policy 9 4

5 Topic 1: NFIP Loss Settlement Options Actual Cash Value ACV loss settlement applies to: Two to four family Single family that are not eligible for RCV Non-residential buildings Detached garages Personal property coverage always valued at ACV Mobile homes under 16 feet wide and under 600 sq. ft 10 Topic 1: NFIP Loss Settlement Options Manufactured/Mobile Homes and Travel Trailers Some important conditions related to Special Loss Settlement : Must be built on permanent chassis; fixed to permanent foundation Should be at least 16 wide; at least 600 square feet Must be principal residence Partial loss covered at replacement cost If it is total loss, coverage is the least of: The building s limit of liability Replacement cost of dwelling 1.5 times ACV 11 5

6 Module 6 Building an NFIP Policy 13 Module Objectives After completing this module, participants will be able to explain the main considerations that are involved in building an NFIP policy. 14 6

7 Topic 1: Building an NFIP Policy (Part 1) First Consideration for Building an NFIP Policy Community Certain conditions related to community are: Does it participate in NFIP? Most do. Which phase does the community participate in: emergency or regular? Where s its flood map? 15 Topic 1: Building an NFIP Policy (Part 1) What about My Community? To find the status of your community s participation: Locate the Community Status Book (Click Here) 16 7

8 Topic 2: Building an NFIP Policy (Part 2) Second Consideration for Building an NFIP Policy Building Certain conditions related to the building structure are: Eligibility for coverage Dwelling, GPP or RCBAP coverage form Pre-FIRM or Post-FIRM (based on effective date of FIRM) Basement or enclosure 18 Topic 2: Building an NFIP Policy (Part 2) Pre-FIRM versus Post-FIRM Pre-FIRM Post-FIRM New Standards or In Compliance Built before initial FIRM or On or before 12/31/1974 On or After the initial FIRM or After 12/31/1974 whichever is LATER 20 8

9 Topic 2: Building an NFIP Policy (Part 2) Importance of Initial FIRM Date Pre-FIRM buildings Post-FIRM buildings 21 Subsidized vs. Full-Risk Rates Subsidized Rates Do not represent the building s true flood risk. Determined with limited underwriting information Discounted rates that have been traditionally available for buildings built before a community first adopted FEMA Flood Maps and guidelines. Pre-FIRM buildings in A or V zones Full-Risk Rates Represent the building s true flood risk. Premium reflects the risk assumed by the program and all administrative expenses. Takes into account the full range of possible flood losses. 22 This content approved as of 10/1/2013 9

10 For Subsidized Rates Only DIRECT to *Limits increases to Full Risk Rates* 18% 25% 25% Annual increases Annual Increases Purchased after BW-12 enactment Newly purchased properties NFIP policy lase- deliberate lapse by policyholder Non-primary residences Business properties Severe repetitive loss Substantially Improved *Changed by the Homeowner Flood Insurance Affordability Act (HFIAA) 23 Impact of Biggert-Waters Reform Act How are premiums changing? As of January 1, 2013 Non-primary residences Subsidized rates increase 25% per year upon renewal Until they reach full risk-rate 25% Full Risk Rates??? Subsidized 25% 24 This content approved as of 10/1/

11 Impact of Biggert-Waters Reform Act How are premiums changing? Effective October 1, 2013 Subsidized rates increase for: Business properties (non-residential) Severe repetitive loss Claims exceeding market value Subsidized rates increase 25% per year upon renewal Until they reach full risk-rate For the purpose of completing the Application, a business property is any nonresidential building that: Produces income Used as office or retail space Wholesale, hospitality, or similar uses. 25 This content approved as of 10/1/2013 Building an NFIP Policy Rate comparisons AE Zone 4/1/15 rates Subsidized Rates Pre-FIRM $4,108/yr $4,108/yr KNOW YOUR STORY $4,108/yr Full-Risk Rates Post-FIRM $592/yr $4,424/yr $10,628/yr Bldg- $250,000 Contents- $100,000; Single-story with no basement, crawlspace or enclosure rates; Zone AE; $2K deductible Bldg./Conts

12 Topic 3: Building an NFIP Policy (Part 3) Third Consideration for Building an NFIP Policy Coverage Certain conditions related to coverage are: Building, contents, or both Amount for each coverage Include Coverage D (increased cost of compliance) Deductible and fees Eligible for CRS discount Reserve Fund Assessment Mandatory HFIAA Premium Surcharge (April 2015) 27 Topic 3: Building an NFIP Policy (Part 3) NFIP Coverage Limits Residential (1-4 family) Building Contents Other Residential Emergency Program $35,000 $10,000 Regular Program $250,000 $100,000 Building $100,000 $500,000 Contents $ 10,000 $100,000 Non-Residential Building Contents $100,000 $500,000 $100,000 $500,

13 Topic 3: Building an NFIP Policy (Part 3) Example: Basic and Additional Limits Basic Limit Building Coverage Single family $ 60, family $ 60,000 Other residential $ 175,000 Non-residential $ 175,000 Contents Coverage Single family $ 25, fam; other res. $ 25,000 Non-Residential $ 150,000 Additional Limit $ 190,000 $ 190,000 $ 325,000 $ 325,000 $ 75,000 $ 75,000 $ 350, Topic 3: Building an NFIP Policy (Part 3) Community Rating System Encourages communities to exceed minimum NFIP requirements 1,200+ communities; 67% of all policies CRS classes 1 10: 1 (highest): 45% discount on insurance premiums (not fees) 9 (lowest): 5% discount 10: No discount CRS Website:

14 Topic 3: Building an NFIP Policy (Part 3) Reserve Fund Assessment Effective April 1, 2015 Reserve Fund Assessment introduced on 10/1/13 Funds future claims payments Increased to 15% Established 10% assessment for PRP No agent commission paid on reserve fund assessment 15% 32 This content approved as of 10/1/2013 Topic 3: Building an NFIP Policy (Part 3) HFIAA Premium Surcharge Effective April 1, 2015 Applied on all new and renewed policies annually Surcharge is a flat fee based on building occupancy type Applies to contents-only policies $25 for primary residences $250 for all other policies 33 This content approved as of 10/1/

15 Topic 3: Building an NFIP Policy (Part 3) Federal Policy Fees (Effective 4/01/2015) Rate Type Standard Rated Policies/ Newly Mapped Properties Preferred Risk Policies Federal Policy Fee $45 $22 RCBAP 1 unit units units units - 21 or more - $ per policy $ per policy $ per policy $ per policy $1, per policy 34 Topic 3: Building an NFIP Policy (Part 3) Reserve Fund Assessment, HFIAA Premium Surcharge & Federal Policy Fee HFIAA limits individual premium increases to 18% (Limited exceptions) Mis-ratings Increases in coverage amount Subsidized groups receiving 25% increases Reserve Fund Assessment is included in premium cap calculation HFIAA Premium Surcharge & Federal Policy Fee not subject to premium increase limitations Total amount charged may exceed 18 per cent increase in some cases 35 This content approved as of 10/1/

16 Topic 3: Building an NFIP Policy (Part 3) Rating Options Following a Map Revision 4/01/2015 GRANDFATHER RATING RULES RULES PRP ELIGIBILITY EXTENSION NEWLY MAPPED 10/01/2008 PROCEDURE until further notice 36 Topic 3: Building an NFIP Policy (Part 3) Grandfathering Allows premium benefits after Changes in map zones Changes to compliance standards May provide legitimate reason for zone discrepancies on policy declarations page 37 16

17 Topic 3: Building an NFIP Policy (Part 3) Continuous Coverage If policy was obtained prior to the effective date of the map change: Rates can be based on prior zone/bfe Continuous coverage must be maintained 38 Topic 3: Building an NFIP Policy (Part 3) Built in Compliance If building was constructed in compliance with a specific FIRM Use that map s zone or BFE Submit proof to carrier Continuous coverage not required 39 17

18 Topic 3: Building an NFIP Policy (Part 3) Your Source for Previous Flood Maps Find historic flood maps by clicking on Search All Products. 40 Topic 3: Building an NFIP Policy (Part 3) Rating Options Following a Map Revision 4/01/2015 GRANDFATHER RATING RULES PRP ELIGIBILITY EXTENSION NEWLY MAPPED 10/01/2008 PROCEDURE until further notice 44 18

19 Topic 3: Building an NFIP Policy (Part 3) Newly Mapped Procedure Effective April 1, 2015 PRP Eligibility Extension transitioned to Newly Mapped Procedure Properties newly mapped into SFHA receive a preferred risk premium for first year after map revision Identical to the Preferred Risk Policy premium before application of: Reserve Fund Assessment Federal Policy Fee After first year, policies transition to full-risk rates via premium increases subject to the 18% limitation 45 Topic 3: Building an NFIP Policy (Part 3) Newly Mapped Procedure Newly Mapped on or after April 1, 2015 Eligible for Newly Mapped Procedure If coverage obtained within 12 months of map revision Preferred risk premium first year Not eligible for Newly Mapped Procedure If coverage not obtained within 12 months of map change Only eligible for grandfathering to zone and/or BFE in effect at time of construction Within 12 months of map revision NOTE: All Properties must meet Preferred Risk Policy loss requirements to be eligible for Newly Mapped Procedure 46 19

20 Topic 3: Building an NFIP Policy (Part 3) Newly Mapped Procedure Newly Mapped between: October 1, 2008 and March 31, 2015 Oct 1, 2008 Newly Mapped between Mar 31, 2015 Eligible for Newly Mapped Procedure If coverage obtained before April 1, 2016 Properties eligible under the PRP Eligibility Extension (PRPEE) Policies issued under PRPEE before 4/1/15: Renew under Newly Mapped Procedure on first effective date on or after April 1, 2015 Coverage must be purchased BEFORE Apr 1, 2016 NOTE: All Properties must meet Preferred Risk Policy loss requirements to be eligible for Newly Mapped Procedure 47 Module 7 Base Flood Elevation and Elevation Certificates 48 20

21 Module Objectives After completing this module, participants will be able to: Explain how Base Flood Elevation (BFE) affects the insurance of a property Describe what an Elevation Certificate (EC) is and its importance 49 Topic 1: Elevation Certificates Elevation Elevation refers to the height of a structure relative to BFE A structure above BFE is less likely to experience flood damage Less risk = lower premiums 50 21

22 Topic 1: Elevation Certificates Base Flood Elevation Base flood is a flood that has a 1% chance of being equaled or exceeded. BFE is the expected height of that 1% chance of flood. Expected surface of base flood 51 Topic 1: Elevation Certificates Lowest Floor Elevation 52 22

23 Topic 1: Elevation Certificates Why an Elevation Certificate? To correctly rate a flood insurance policy, you must identify the lowest floor of a building The EC documents several elevation levels For example, level of bottom floor and lowest adjacent grade After review of the elevation and diagrams, you will determine which elevation in Section C2 to use as the lowest floor for rating See building diagrams in the NFIP Flood Insurance Manual or the EC instructions. 54 Topic 1: Elevation Certificates What an Elevation Certificate Does The EC: Certifies building elevation Documents community compliance Determines policy rates Supports map revisions and amendments 55 23

24 Topic 1: Elevation Certificates Who Certifies the Elevation? A surveyor, engineer, or architect must certify the building elevation. The insurance agent uses this information for rating. 56 Topic 1: Elevation Certificates Finding a Professional You can find a qualified professional through: Word-of-mouth State professional association for land surveyors* State NFIP coordinator Local community s building permit office Yellow Pages under Surveyors Internet *

25 Topic 1: Elevation Certificates Use of Elevation Certificates Certain conditions related to the use of ECs are: Pre-FIRM Construction (SFHAs) Not required unless full-risk rates are more favorable. Non-SFHA zones (B, C, and X zones) No elevation certificates Post-FIRM Construction (SFHAs) Elevation certificates are required in most cases 58 Topic 2: Sections of an Elevation Certificate EC Sections A thru F 59 25

26 Topic 3: Sections of an Elevation Certificate EC Sections Section A Section B Section C Section D Section E,F 60 Topic 3: Sections of an Elevation Certificate EC Sections Section A 61 26

27 Topic 3: Sections of an Elevation Certificate EC Sections Section B 62 Topic 3: Sections of an Elevation Certificate EC Sections Section C 63 27

28 Topic 3: Sections of an Elevation Certificate EC Sections Section D 64 Topic 3: Sections of an Elevation Certificate EC Sections Section E,F 65 28

29 Topic 3: Sections of an Elevation Certificate Building Diagrams Topic 3: A Basic Building Diagram A Basic Building Diagram This particular building diagram: Is one of the ten diagrams in all (for many types of buildings) Displays numbers in circles corresponding to entries on the Elevation Certificate 67 29

30 Topic 3: A Basic Building Diagram Elevated Building An elevated building: Has no basement Has lowest elevated floor raised above ground level Is elevated via foundation walls, shear walls, posts, piers, pilings, or columns. Note: In Zones V and VE, solid foundation perimeter walls are unacceptable for elevating buildings. 68 Topic 3: A Basic Building Diagram Enclosures An Enclosure is: Part of an elevated building below the lowest elevated floor Partially or fully shut in by rigid walls 69 30

31 Topic 3: A Basic Building Diagram Flood Vents for A Zones Elevation certificates document any flood vents, which are: Permanent openings to allow free movement of water without human intervention No more than one foot above the higher of the exterior or interior grade One square inch of opening for each square foot of enclosed area Minimum of two openings is required on different sides of the enclosed area Can only be used for: 1. Building Access 2. Parking 3. Storage 70 Topic 3: A Basic Building Diagram Breakaway Walls For V Zones Breakaway walls are: Not part of structural support Intended to give way under certain lateral forces Intended not to damage the elevated portion or the supporting foundation 71 31

32 Rating Example Post-FIRM Example*: AE zone (+1 BFE) $200,000 Building $80,000 Contents Single Family One floor No Basement 1 ft above BFE 1 ft above BFE *$200K/$80K Building/Contents APR 2015 Minimum Deductible Elevation Certificate n/a n/a

33 Rating Example Post-FIRM Example*: AE zone (+1 BFE) Single Family/1 floor/ no Basement 1 ft above BFE 1 ft above BFE What does the elevation certificate say? Lowest Floor BFE Elevation Diff = 1.0 *$200K/$80K Building/Contents APR 2015 Minimum Deductible Rating Table.76/.10.44/

34 Example: Basic and Additional Limits Basic Limit Building Coverage Single family $ 60, family $ 60,000 Other residential $ 175,000 Non-residential $ 175,000 Contents Coverage Single family $ 25, fam; other res. $ 25,000 Non-Residential $ 150,000 Additional Limit $ 190,000 $ 190,000 $ 325,000 $ 325,000 $ 75,000 $ 75,000 $ 350, Topic 4: Rating Example Post-FIRM Example*: AE zone (+1 BFE) Single Family/1 floor/ no Basement 1 ft above BFE 1 ft above BFE 1 ft above 1 ft above BFE BFE What does the elevation certificate say? Lowest Floor BFE Elevation Diff. 1.3 = 1.0 Rating Calculation Bldg. $ Cont. $ ICC $ 5.00 Reserve Fund $ Prem. Surcharge $ Policy Fee $ TOTAL $ *$200K/$80K Building/Contents APR 2015 Minimum Deductible 78 34

35 Module 9 Resources and Summary 80 Resources for Insurance Agents and their Clients FloodSmart.gov FloodSmart.gov is an official Web site of NFIP

36 Resources for Insurance Agents and their Clients Agents.FloodSmart.gov Agents.FloodSmart.gov provides information about NFIP claims along with product information, training, and marketing calendar. 82 Resources for Insurance Agents and their Clients The Flood Insurance Library The Flood Insurance Library includes: Manuals Handbooks Community Rating System Community Status Book Forms Guidelines Publications Standard Policies Summary of Coverage The link to the online Flood Insurance Library is:

37 Resources for Insurance Agents and their Clients NFIP Flood Insurance Manual Access the NFIP Flood Insurance Manual: Online at FEMA s website: 84 Resources for Insurance Agents and their Clients Publications, Stuffers, Information Sheets You can access publications, stuffers, and information sheets online. Just click on the Publications link at:

38 Resources for Insurance Agents and their Clients FEMA s Map Service Center You can access FEMA s Map Service Center at: 86 Training Summary In this training, you learned about: Flood Insurance Essentials Flood Insurance Policies Coverage Loss Settlement Building an NFIP Policy Base Flood Elevation and Elevation Certificates 87 38

39 Evaluations - Online All attendees will be receiving an with a link to a survey and feedback form. Please take time to complete and help us improve our training effort! THANKS 88 Social Media and Handouts - Online Follow us on twitter: Like us on Facebook at: Today s Handouts Go to: 39

40 Agent Training/Contact Information Melanie Graham Dorothy Martinez Rich Slevin Rich Waalkes Sonja Wood Aaron Montanez

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